Report: Concord Steam Spinoff Files for Bankruptcy

The company that was scheduled to build a new steam plant in the South End of Concord that would have heated Main Street as part of the new Complete Street project has filed for bankruptcy, according to a story in the New Hampshire Business Review. 

According to the report, Concord Power and Steam LLC is being sued by two creditors for $580,000. The plan for the new steam plant was originally estimated to cost around $70 million but climbed in recent years to a $100 million price tag. While the Concord City Council had approved a plan to lower property taxes for the company from $1.2 million to $564,000, across 17 years, for the new plant, the company couldn't land a long-term heating contract with the state. Other deals to sell electricity in Massachusetts also fell through, and so did the financing plan. 

According to Peter Bloomfield, the president of Concord Steam, the company that runs the existing plant, "the project is dead." Bloomfield rejected the claims in the lawsuits and said the company now plans to upgrade its existing plant. 

Read the full report on NHBR.com or in next week's print edition of the New Hampshire Business Review.